The S&P 500 carved out a small gain in November after a strong 3.74% month-ending weekly gain, its largest weekly advance in five months. The S&P turned positive for the month on the final trading day in November, gaining 0.54% on Friday’s abbreviated post-Thanksgiving “Black Friday” trading session. Essentially, dip buyers emerged to reverse a nearly month-long selling spree centered in Big Tech stocks as investors questioned lofty valuations especially among AI-related companies. The tech-heavy Nasdaq Composite registered its first monthly loss since March, whereas the S&P 500 posted its seventh straight monthly gain, its longest winning streak since the start of 2018.
The Monthly Recap is published by Cetera Investment Management LLC, an SEC registered adviser owned by Cetera Financial Group. Cetera Investment Management provides market perspectives, portfolio guidance, model management, and other investment advice to its affiliated broker-dealers, dually registered broker-dealers and registered investment advisers.